Former Vice President of SnapNames Nelson Brady has admitted that he was behaving improperly when he created a fake name to bid on domain names in the company's online auctions.
SnapNames sued its former VP for $33 million, saying that he cast bids to drive up prices and refunded himself $125,000 for auctions he won.
SnapNames and Oversee.net are leaders in the market for website domains, the address that Web surfers type in to an Internet browser to visit a specific site. SnapNames buys expiring domain names, then auctions them off to the highest bidder.
In today's filing, Brady, a 54-year-old Vancouver resident, admits he was behind the [fake] account. But he said his activities weren't intended to harm the company.
Read more at OregonLive.com.